Piers Taylor was up on stage this week at Advertising Week Europe talking about innovation in technology in London and he took time out to blog for Campaign’s LIVE@AdvertisingWeek. Here’s what he had to say about how technological innovation can be both an ally and an enemy to innovation for brands:
“From social media and smartphones to virtual reality and robotics, the dizzying pace at which technology evolves presents a real challenge for brands looking to innovate and utilise business changing solutions.
The industry speaks loudly on the intrinsic value of innovation to the future of a business, but a natural and fundamental tension continues to exist between brands and the practice of innovation.
The sense of excitement sparked by the opportunity to innovate is often outweighed by the natural anxiety that a brand feels when it comes to committing valuable time, or hard-earned money, to unchartered territory.
In order to manage this, we have adopted the 70/20/10 model of innovation, which ensures we future proof our clients business by investing the majority of their budget on tried and tested areas we know work, whilst still investing 10% towards high risk and completely new areas.
The post-digital landscape has transformed the potential of media from a cost to a revenue source.
Media is now sociable, searchable, biddable, transactional and increasingly measurable.
This is where media agencies have a responsibility to bridge the gap to innovation and open up revenue streams for brands by helping them find commercially viable ways to utilise the latest technology.
The first step to achieving this is to improve the ties between all stakeholders by regularly engaging with the tech community. This aids the process of identifying the right tech solution, and streamlines the process of implementing within a time frame for delivery that makes measuring progress a reality.
Innovation is all too often regarded as the preserve of the brave. However, with the right processes in place, any brand can harness the true potential of technology and make innovation their ally rather than enemy.”